MIRA
INFORM REPORT
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Report Date : |
21.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MICON AUTOMATION SYSTEMS PRIVATE LIMITED |
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Registered Office : |
No. 5A-5B, Sahajanand, Industrial Estate, Near Railway Crossing, Gota
Ahmedabad- 382481, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.08.2006 |
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Com. Reg. No.: |
04-48980 |
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CIN No.: [Company
Identification No.] |
U31909GJ2006PTC048980 |
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IEC No.: |
0807005011 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM08120A |
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PAN No.: [Permanent
Account No.] |
AAECM7879C |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of plants instrumentation and control panels. |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Nilesh |
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Designation : |
Purchase Department |
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Date : |
07.03.2011 |
LOCATIONS
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Registered Office/ Head Office/ Factory : |
No. 5A-5B, Sahajanand, Industrial Estate, Near Railway Crossing, Gota
Ahmedabad- 382481, Gujarat, India |
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Tel. No.: |
91-79-32900400 |
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Mobile No.: |
91-9824006290 (Mr. Parag) |
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Fax No.: |
91-79-2717241598 |
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E-Mail : |
niket@miconindia.com / sales@miconindia.com
/ support@miconindia.com |
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Website : |
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Area : |
Rented |
DIRECTORS
As on 25.08.2010
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Name : |
Mr. Niket Gorakhia |
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Designation : |
Director |
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Address : |
21, Shaivali Society, Near ADC Bank, Vejalpur, Ahmedabad- 382451, |
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Date of Birth/Age : |
08.01.1975 |
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Date of Appointment : |
31.08.2006 |
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Name : |
Mr. Parag Shukla |
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Designation : |
Director |
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Address : |
28, Earth Bungalows, Near |
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Date of Birth/Age : |
20.11.1973 |
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Date of Appointment : |
31.08.2006 |
KEY EXECUTIVES
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Name : |
Mr. Nilesh |
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Designation : |
Purchase Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.08.2010
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Names of Shareholders |
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No. of Shares |
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Niket Gorakhia |
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4000 |
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Parag Shukla |
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4000 |
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Bansari Gorakhia |
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1000 |
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Darshana Shukla |
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1000 |
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Total |
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10000 |
List of Allottees As on 31.03.2010
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Names of Shareholders |
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No. of Shares |
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Niket Gorakhia |
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16000 |
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Parag Shukla |
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16000 |
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Bansari Gorakhia |
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4000 |
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Darshana Shukla |
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4000 |
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Total |
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40000 |
AS ON 25.08.2010
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of plants instrumentation and control panels. |
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Products : |
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Exports : |
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Products : |
Industrial Controllers |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days) and Advance |
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Purchasing : |
Cash / Credit (30 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. D Purswani and Company Chartered Accountant |
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Address : |
4, Prarthna Flats, Near Girish Cold Drinks, Off C.G Road, Navrangpura,
Ahmedabad- 380009, Gujarat, India |
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Pan No.: |
AGSPP7914Q |
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Associates/Subsidiary
: |
Micon Solution, Ahmedabad |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.10/- Each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.10/- Each |
Rs.0.500
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.642 |
0.371 |
0.203 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.142 |
0.471 |
0.303 |
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LOAN FUNDS |
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1] Secured Loans |
0.954 |
0.317 |
0.000 |
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2] Unsecured Loans |
3.138 |
1.418 |
0.708 |
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TOTAL BORROWING |
4.092 |
1.735 |
0.708 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.234 |
2.206 |
1.011 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.797 |
0.967 |
0.238 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.019 |
0.002 |
0.001 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.798
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0.852
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0.628 |
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Sundry Debtors |
2.941
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1.625
|
1.368 |
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Cash & Bank Balances |
0.189
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0.345
|
0.088 |
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Other Current Assets |
0.000
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0.613
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0.572 |
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Loans & Advances |
2.378
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0.044
|
0.088 |
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Total
Current Assets |
7.306
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3.479
|
2.744 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.748
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2.156
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1.911 |
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Provisions |
0.149
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0.097
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0.073 |
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Total
Current Liabilities |
2.897
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2.253
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1.984 |
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Net Current Assets |
4.409
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1.226
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0.760 |
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MISCELLANEOUS EXPENSES |
0.009 |
0.011 |
0.012 |
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TOTAL |
5.234 |
2.206 |
1.011 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
15.600 |
10.736 |
11.603 |
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Less |
EXPENSES |
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Purchases
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Miscellaneous Purchase |
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Salaries and Wages |
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Remuneration to Director |
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Repairs and Maintenance |
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Increase/(Decrease) in Finished Goods |
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TOTAL (B) |
15.328 |
10.567 |
11.378 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.272 |
0.169 |
0.225 |
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Earnings Per
Share (Rs.) |
26.86 |
16.81 |
15.17 |
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Expected Sales (2010-11) : Rs.25.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.36
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3.80 |
7.54 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24
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0.36 |
0.74 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.12
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8.47 |
8.88 |
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Current Ratio (Current Asset/Current Liability) |
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2.52
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1.54 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8 :
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U31909GJ2006PTC048980 |
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Name of the
company |
MICON AUTOMATION SYSTEMS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
No. 5A-5B, Sahajanand, Industrial Estate, Near Railway Crossing, gota
Ahmedabad- 382481, Gujarat, India |
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Type of charge |
Book Debts Movable Property |
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Particular of charge
holder |
State Bank of India, Shukan II, Swastik Char Rasta, Navrangpura
Branch, Ahmedabad – 380009, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
arrangement and agreement for loan cum hypothecation. |
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Date of
instrument Creating the charge |
15.03.2010 |
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Amount secured by
the charge |
Rs.2.400 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 9.00% Terms of
Repayment : On demand Margin : 25% for stocks
and 50% for book debts Extent and
Operation of the charge : Complete |
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Short particulars
of the property charged |
All Stock in
trade Book Debts |
Trade Reference:
- Yudian –
Fixed Assets
- Land
- Building
- Air Conditioner
- Computer
- Electric Fitting
- Furniture and Fixtures
- Motor Car
- Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.09 |
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|
1 |
Rs.72.82 |
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Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
30 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
New Business |
-- |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.